Metinvest Votes To Cancel Dilutive Treasury Stock At Azovstal

At Azovstal’s (AZST: BUY) AGM on June 23, the company’s shareholders reduced the company’s charter fund by 25.39% via cancellation of 1,427.5 mln of treasury shares. Shareholders also confirmed the company’s 2006 financial statement and voted not to pay dividends. Eugene Cherviachenko: We welcome Azovstal’s holding company, Metinvest’s move to cancel dilutive treasury stock at Azovstal. Currently, the stock trades with 16% upside to our target of USD 0.87, reinforcing our BUY recommendation.